Asian tiger Taiwan has 13th most millionaires

台灣成為亞洲之虎 百萬富翁人數全球第十三名

Fat cats getting fatter as Asian tiger Taiwan claws its way to the top with 58 new millionaires in 2017


TAIPEI (Taiwan News) -- Taiwan has the 13th most people with a net worth of over US$1 million in the world, according to the newest edition of the Global Wealth Report by the Credit Suisse Research Institute (CSRI).

Referring to Taiwan as an "Asian tiger" in the report, it lists Taiwan as having 381 millionaires, and increase of 58 from last year, ranking it in 13th place on the list of countries with the most millionaires in the world. Ahead of Taiwan was the United States at the top of the list with 15,356 millionaires, followed by Japan (2,693), the UK (2,189), Germany (1,959), China (1,953), France (1,949), Italy (1,288), Australia (1,160), Canada (1,078), South Korea (686), Switzerland (594), and Spain (428).

Taiwan ranked even higher in terms of change of the number of new millionaires this year, coming in 9th place with 58 brand new millionaires, tied with Spain's 58 and ahead of Sweden's 55.

Taiwan is also ranked higher in terms of ultra-high net worth individuals, people with a net worth over US$50 million. Taiwan placed just behind Sweden and just ahead of Russia, known for it's many wealthy oil oligarchs.

Credit Suisse says that at an average level of wealth of US$188,080, Taiwan is far above the standard of most other countries in the Asia-Pacific region, and more similar to Western Europe. Since 2000, wealth per adult has grown by 57 percent in US dollar terms, and 81 percent considering constant exchange rates.

Though, many in Taiwan complain of a large gap between rich and poor, Credit Suisse asserts that Taiwan only has "moderate wealth inequality," as only 7 percent of the adult population has wealth below US$10,000, while the ratio for the world is 70 percent. Also, 44 percent of adults in Taiwan have wealth exceeding US$100,000, five times more than the global average of 9 percent, according to the report.

Credit Suisse claims that the large number of millionaires in Taiwan signifies "high mean wealth" rather than wealth inequality. The financial services company says that at 68 percent, its Gini Coefficient, the most common measure of inequality, falls in the "moderate range," and is relatively low compared to other emerging economies.